Strategy Update (2024-07-07)

Nothing is stopping this market from going higher for the moment, which keeps the Alpha Signals strategy on a green signal.

Chart of TQQQ showing Alpha Signals strategy on a green signal since May 8
Chart of TQQQ showing Alpha Signals strategy on a green signal since May 8

The past week finished with the Nasdaq at a new all-time record high (again). It marks 34 new records so far in 2024. Year-to-date (YTD), the S&P 500 is up 17.3%, and the Nasdaq is up 24.2%.

Nothing is stopping this market from going higher, even during a shortened trading week due to a holiday in the US. It looks like the market continues to agree on the likelihood of the Fed beginning to cut interest rates soon, likely in September.

However, I think we have to expect some volatility sooner or later. I find it unsustainable for the market to continue roaring higher for much longer without a more pronounced pullback or sideways consolidation. Nevertheless, we will continue to monitor the strategy and take action before predicting a top.

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